Magellan Health Services Inc. will have a new chief executive at the start of the year as current CEO René Lerer steps down to become a full-time executive chairman.
The change is part of a transition to take place over several years. Barry M. Smith will be the new CEO starting Jan. 1. Smith is a member of the company's board.
Lerer will serve as executive chair all of next year, and he will become a "non-executive chair" in 2014. He might stay on as non-executive chairman for an additional year.
"Barry Smith is a recognized health care industry leader with a track record of success and someone who has a deep understanding of Magellan having...